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Here’s a quick recap of the crypto landscape for Friday (May 9) as of 9:00 p.m. UTC.

Get the latest insights on Bitcoin, Ethereum and altcoins, along with a round-up of key cryptocurrency market news.

Bitcoin and Ethereum price update

Bitcoin (BTC) was priced at US$103,027 as markets opened, up 1.3 percent in 24 hours. After breaking through the US$100,000 threshold Thursday (May 8) the digital asset has found support. The day’s range has seen a low of US$102,871 and a high of US$103,672.

Bitcoin performance, May 9, 2025.

Chart via TradingView.

Bitcoin’s recent price surge is driven by the US government’s decision to legalize strategic Bitcoin reserves—boosting investor confidence and signaling institutional backing—alongside growing global adoption supported by favorable regulations and broader acceptance across sectors.

Ethereum (ETH) started the trading day at US$2,220 and quickly rallied. The cryptocurrency reached an intraday low of US$1,792.06 and saw a daily high of US$2,415.

Altcoin price update

  • Solana (SOL) opened at US$169.63 up 4.57 percent over 24 hours. SOL experienced a low of US$151.51 and a high of US$171.39.
  • XRP was trading at US$2.33, reflecting a 5 percent increase over 24 hours. The cryptocurrency reached a daily high of US$2.36 midday.
  • Sui (SUI) was priced at US$3.80, showing an increaseof 0.50 percent over the past 24 hours. It achieved a daily low of US$3.36 and a high of US$3.92.
  • Cardano (ADA) is trading at US$0.7866, up 7 percent over the past 24 hours. Its lowest price of the day was US$0.71, and it reached a high of US$0.79.

Today’s crypto news to know

Bitcoin surges past $100,000 amid trade optimism and institutional inflows

Bitcoin (BTC) has reclaimed the US$100,000 mark for the first time since February, driven by optimism surrounding a new US-UK trade deal and significant institutional investments. On May 8, US Bitcoin ETFs saw net inflows totaling US$117.4 million, with BlackRock’s IBIT and Fidelity’s FBTC leading the gains.

Additionally, the Federal Reserve’s decision to hold interest rates steady has bolstered investor confidence in crypto markets.

Coinbase acquires Deribit in landmark US$2.9 billion crypto derivatives deal

Coinbase has announced its acquisition of Deribit, a leading crypto derivatives exchange, for $2.9 billion—the largest deal in the crypto industry to date. This strategic move positions Coinbase to expand its offerings in the crypto options market, catering to the growing demand for advanced trading products.

The acquisition includes US$700 million in cash and 11 million shares of Coinbase Class A common stock. Deribit, which processed US$1.2 trillion in trading volume last year, controls approximately 85 percent of the global crypto options market.

This deal is expected to enhance Coinbase’s presence in the international derivatives market and diversify its revenue streams.

Analysts view the acquisition as a significant step for Coinbase to compete with other major exchanges like Binance and Kraken in the derivatives space. The transaction is subject to regulatory approvals and is anticipated to close later this year. Until then, Deribit will continue its operations as usual.

Celsius founder sentenced to 12 years for crypto fraud

Alex Mashinsky, founder and former CEO of Celsius Network, has been sentenced to 12 years in federal prison for defrauding customers and manipulating the price of the company’s CEL token.

Between 2018 and 2022, Mashinsky misled investors about the safety of their funds, using customer deposits to inflate CEL’s value and personally profiting over US$48 million. Celsius, which once managed over US$25 billion in assets, collapsed in 2022 amid a broader crypto market downturn, leaving thousands of users unable to access their funds.

Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com

There’s more than one way to invest in copper. In addition to buying shares of copper stocks, investors can gain exposure through copper exchange-traded funds (ETFs) or copper exchange-traded notes (ETNs).

For the uninitiated, ETFs are securities that trade like stocks on an exchange, but track an index, commodity, bonds or a basket of assets like an index fund. In the case of base metal copper, there are various options — an ETF can track specific groups of copper-focused companies, as well as copper futures contracts or even physical copper.

ETNs also track an underlying asset and trade like stocks on an exchange, but they differ from ETFs in some ways. Specifically, ETNs are more like bonds — they are unsecured debt notes issued by an institution, and can be held to maturity or bought and sold at will. The main disadvantage to be aware of is that investors risk total default if an ETN’s underwriter goes bankrupt.

The copper outlook is strong as demand rises and concerns about supply increase as the energy transition gains traction. This has caused many investors to wonder how to take advantage of the potential in the copper market.

1. Global X Copper Miners ETF (ARCA:COPX)

Assets under management: US$2.09 billion

The Global X Copper Miners ETF tracks the Solactive Global Copper Miners Index, which covers copper exploration companies, developers and producers. The fund has an expense ratio of 0.65 percent.

The fund currently has 39 holdings, with the top three companies being First Quantum Minerals (TSX:FM,OTC Pink:FQVLF), Freeport-McMoRan (NYSE:FCX) and Lundin Mining (TSX:LUN,OTC Pink:LUNMF).

2. United States Copper Index Fund (ARCA:CPER)

Assets under management: US$162.94 million

The United States Copper Index Fund aims to give investors exposure to a portfolio of copper futures without using a commodity futures account. It has an expense ratio of 1.04 percent.

The fund tracks the performance of the SummerHaven Copper Index Total Return (INDEXNYSEGIS:SCITR), which is calculated based on certain copper futures contracts selected on a monthly basis.

3. Sprott Physical Copper Trust (TSX:COP.U,OTCQX:SPHCF)

Assets under management: US$96.59 million

A relatively new ETF, the Sprott Physical Copper Trust was established in July 2024 and is one of the first funds to be based around physical copper. The fund has an expense ratio of 2.03 percent.

As of the start of May 2025, the fund held 10,157 metric tons of copper worth US$96.59 million.

4. iShares Copper and Metals Mining ETF (NASDAQ:ICOP)

Assets under management: US$50.63 million

The iShares Copper and Metals Mining ETF tracks the STOXX Global Copper and Metals Mining Index, which is composed of public companies primarily engaged in copper and metal mining. It has an expense ratio of 0.47 percent.

The fund represents a global portfolio of 41 copper companies. Its top three holdings are Grupo Mexico (OTC Pink:GMBXF,BMV:GMEXICOB), BHP (NYSE:BHP,ASX:BHP,LSE:BHP) and Freeport McMoRan.

5. Sprott Copper Miners ETF (NASDAQ:COPP)

Assets under management: US$23.65 million

Sprott Asset Management bills its Sprott Copper Miners ETF as ‘the only pure-play ETF focused on large-, mid- and small-cap copper mining companies that are providing a critical mineral necessary for the clean energy transition.’

It came to market in March 2024, and has an expense ratio of 0.65 percent.

The fund is made up of a portfolio of 49 companies and has a market cap of US$279 billion; it is rebalanced twice a year in June and December. The fund’s top three holdings are Freeport-McMoRan, Teck Resources (TSX:TECK.A,TECK.B,NYSE:TECK) and Ivanhoe Mines (TSX:IVN,OTCQX:IVPAF).

6. Sprott Junior Copper Miners ETF (NASDAQ:COPJ)

Assets under management: US$12.6 million

Launched in February 2023, the Sprott Junior Copper Miners is a pure-play ETF that, as its name suggests, is focused on small-cap copper miners. It has an expense ratio of 0.76 percent.

The fund consists of 40 companies, and its top three holdings are Northern Dynasty Minerals (TSX:NDM,NYSEAMERICAN:NAK), Solaris Resources (TSX:SLS,NYSEAMERICAN:SLSR) and Atalaya Mining (LSE:ATYM).

Like Sprott’s other copper fund on this list, COPJ is rebalanced twice a year in June and December.

7. iPath Series B Bloomberg Copper Subindex Total Return ETN (OTC Pink:JJCTF)

Assets under management: US$6.9 million

The iPath Series B Bloomberg Copper Subindex Total Return ETN provides exposure to the Bloomberg Copper Subindex Total Return. According to Barclays (LSE:BARC), the note ‘reflects the returns that are potentially available through an unleveraged investment in the futures contracts on copper.’ It is tied to the high-grade copper futures contract available on the Comex and carries an expense ratio of 0.75 percent.

Unlike an ETF, an ETN does not own the underlying asset. Instead, an ETN functions in the same way as an uninsured bond. Investopedia states that investors take their profits when they sell the note or it reaches maturity.

Securities Disclosure: I, Dean Belder, hold shares of Northern Dynasty Minerals.

This post appeared first on investingnews.com

  • Reviews 2025 exploration strategy across Freegold Mountain and Andalusite Peak
  • Advances acquisition strategy targeting high-grade silver assets
  • Engages Independent Trading Group to improve trading liquidity

triumph gold Corp. (TSXV: TIG) (OTC Pink: TIGCF) (FSE: 8N61) is pleased to provide an operational update as it enters 2025 with a refined exploration focus, strategic growth objectives, and a commitment to responsible development. The Company also announced it has engaged a market maker and granted incentive stock options.

Leadership and Direction

triumph gold continues under the leadership of John Anderson, Chairman and Interim Chief Executive Officer. With over 25 years of experience in the capital markets and resource sectors, Anderson has guided the Company since its early days as Northern Freegold.

‘We’ve taken meaningful steps to streamline operations and position the Company for disciplined growth,’ said Anderson. ‘With strong core assets, a focused strategy, and improving market conditions for gold and copper, Triumph prepares to enter the second quarter of 2025 ready to pursue opportunities that create long-term value’.

Key Assets and Positioning

Freegold Mountain Project

Located in Yukon, the flagship Freegold Mountain Project hosts over 2 million gold equivalent ounces across three mineralized zones, as defined in a 2020 NI 43-101 resource estimate. These deposits provide exposure to high-grade gold, copper, molybdenum, and tungsten at a time of increasing demand for critical minerals.

Andalusite Peak Property

Triumph’s Andalusite Peak copper-gold project is located in British Columbia’s Golden Horseshoe region, in proximity to major porphyry systems such as Saddle North and Red Chris. The Company plans to advance exploration in 2025 through geochemical surveys and mapping.

Favourable Jurisdictions
All assets are situated in well-established, mining-friendly regions of Yukon and British Columbia, offering stable permitting frameworks and access to infrastructure.

2025 Growth Strategy

triumph gold’s 2025 strategy centers on project advancement, portfolio expansion, and disciplined exploration:

  • Strategic Acquisitions
    The Company is evaluating potential acquisitions of high-quality silver projects to complement and diversify its current asset base.

  • Advancing Andalusite Peak
    Located in British Columbia’s Golden Horseshoe near Newmont’s Saddle North and Red Chris projects, the Andalusite Peak property will focus on geochemical surveys and detailed geological mapping in 2025.

  • Expanding Freegold Mountain Exploration
    Triumph will review historical datasets and define new exploration targets outside current resource zones to support potential discoveries.

Commitment to Responsible Development

triumph gold is committed to responsible exploration and development. The Company maintains active engagement with First Nations and local communities, recognizes the traditional territories on which its projects are located, and prioritizes environmental stewardship and cultural respect in all exploration activities.

Triumph Engages Independent Trading Group (ITG) as Market Maker

triumph gold announces that subject to regulatory approval, it has engaged the services of Independent Trading Group (‘ITG’) to provide market-making services in accordance with TSX Venture Exchange TSXV, CSE, and Cboe Canada policies. ITG will trade shares of the Company on the CSE/ Cboe Canada/ TSXV and all other trading venues to maintain a reasonable market and improve the liquidity of the Company’s common shares.

Under the agreement, ITG will receive compensation of CAD$6,500 per month, payable monthly in advance. The agreement is for an initial term of one month and will renew for additional one-month terms unless terminated. The agreement may be terminated by either party with 30 days’ notice. No performance factors are contained in the agreement, and ITG will not receive shares or options as compensation. ITG and the Company are unrelated and unaffiliated entities. At the time of the agreement, neither ITG nor its principals have an interest, directly or indirectly, in the securities of the Company.

triumph gold Issues Stock Options

The Company has granted 4,750,000 incentive stock options to directors, officers, employees, and consultants. The options are exercisable at $0.27 per share for a period of five years, with immediate vesting.

The options were granted pursuant to triumph gold’s rolling stock option plan, which has been approved by shareholders and the TSX Venture Exchange. This issuance is intended to retain and motivate key contributors and align long-term interests with those of shareholders.

Looking Ahead

triumph gold is entering 2025 with momentum, a clear strategy, and a commitment to shareholder value. The Company thanks its shareholders for their continued support and looks forward to sharing further updates in the months ahead. For more information or investor inquiries, please email John Anderson, Chairman & Interim CEO, at janderson@triumphgoldcorp.com.

About triumph gold Corp.

triumph gold is a Canadian-based, growth-oriented exploration and development company with a district-scale land package in the mining-friendly Yukon. Led by an experienced management and technical team, The Company is focused on actively advancing its flagship Freegold Mountain Project using multidiscipline exploration and evaluation techniques.

The road-accessible Freegold Mountain Project, located in the Dawson Range Au-Cu Belt, is host to three NI 43-101 Mineral Deposits (Nucleus, Revenue, and Tinta Hill). The Project is 200 square kilometres and covers an extensive section of the Big Creek Fault Zone, a structure directly related to epithermal gold and silver mineralization and gold-rich porphyry copper mineralization.

The Company owns 100% of the Big Creek and Tad/Toro gold-silver-copper properties situated along the strike of the Freegold Mountain Project within the Dawson Range.

The Company also owns 100% of the Andalusite Peak copper-gold property, 36 km southeast of Dease Lake within the Stikine Range in British Columbia.

triumph gold acknowledges the traditional territories of the Little Salmon Carmacks First Nation and Selkirk First Nation, on which the Company’s Yukon mineral exploration projects are located. triumph gold has a longstanding, ongoing engagement with these First Nations through communication, environmental stewardship, and local employment.

For more information, please visit triumphgoldcorp.com.

For further information about triumph gold, please contact:

John Anderson, Executive Chairman
triumph gold Corp.
(604) 218-7400
janderson@triumphgoldcorp.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release contains forward-looking information, which involves known and unknown risks, uncertainties and other factors that may cause actual events to differ materially from current expectations. Important factors – including the availability of funds, the results of financing efforts, the completion of due diligence and the results of exploration activities – that could cause actual results to differ materially from the Company’s expectations are disclosed in the Company’s documents filed from time to time on SEDAR (see www.sedarplus.com). Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The company disclaims any intention or obligation, except to the extent required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/251572

News Provided by Newsfile via QuoteMedia

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Exchange-traded funds (ETFs) are one of the fastest-growing investment vehicles, and as uranium’s role in the energy transition grows, investors are becoming increasingly interested in uranium ETFs and related products.

After years of dormancy, the uranium spot price zoomed past the US$100 per pound level in early 2024 on supply risks and a strong outlook for long-term demand. Although it’s since pulled back, bulls believe it still has room to run.

Supporting factors include the lack of new uranium mines, Russia’s dominance in conversion and enrichment, rising demand for low-carbon energy sources and the continued development and deployment of small modular reactors.

There is also increasing demand for uranium from China and India as both of these countries grapple with air pollution in the face of growing electricity demand. China is working to expand its nuclear power capacity, and although it ranks among the top 10 uranium-producing countries, it relies heavily on uranium imports.

Compounded, these factors are creating a mounting supply deficit.

“This year, uranium mines will only supply 75 percent of demand, so 25 percent of demand is uncovered,” Amir Adnani, CEO and president of Uranium Energy (NYSEAMERICAN:UEC), said at a January 2025 event.

Although the fundamentals are promising, the U3O8 spot price has faced pressure in 2025, with prices below US$80 since the start of the year. As supply tightens, incentivizing new projects to come online is becoming imperative.

“Next year, uranium demand is going up because there are 65 reactors under construction, and we haven’t even started talking about small and advanced modular reactors,” Adnani said. “Small and advanced modular reactors are an additional source of demand that, maybe not next year, but within the next three to four years, can become a reality.”

As mentioned, that backdrop is helping uranium ETFs and related investment products gain steam. Today there are five uranium ETFs available, as well as four investment vehicles backed by physical uranium — and perhaps more to come.

Read on to learn about the uranium ETFs and related vehicles on offer. All data was current as of May 5, 2025.

Uranium ETFs tracking uranium stocks

1. Global X Uranium ETF (ARCA:URA)

Total asset value: US$2.7 billion

The Global X Uranium ETF tracks a basket of uranium miners, as well as nuclear component producers.

The fund has an expense ratio of 0.69 percent and a yearly return of negative 17.23 percent, a decline that coincides with the recent pullback in the uranium price.

Uranium companies account for a significant portion of its portfolio, and nearly half of those companies are Canadian. The ETF’s top two uranium company holdings are major uranium producer Cameco (TSX:CCO,NYSE:CCJ) at a weight of 22.31 percent and NexGen Energy (TSX:NXE) at 5.64 percent. Interestingly, one of its top three holdings is the Sprott Physical Uranium Trust (TSX:U.U) at a weight of 8.52 percent.

2. Sprott Uranium Miners ETF (ARCA:URNM)

Total asset value: US$1.32 billion

The Sprott Uranium Miners ETF includes both uranium producers and explorers for broader exposure. The fund has an expense ratio of 0.75 percent and a yearly return of negative 34.69 percent.

Uranium stocks with market caps under US$2 billion account for 48.7 percent of the ETF’s holdings. Its top three holdings are Cameco at 15.28 percent, the Sprott Physical Uranium Trust at 13.21 percent and Kazatomprom (LSE:59OT,OTC Pink:NATKY) at 12.99 percent.

3. VanEck Vectors Uranium + Nuclear Energy ETF (ARCA:NLR)

Total asset value: US$1.02 billion

The VanEck Vectors Uranium + Nuclear Energy ETF launched in 2007 and tracks a market-cap-weighted index of stocks in the uranium and nuclear energy industries. Its expense ratio is 0.61 percent and its yearly return is negative 0.12 percent.

This uranium ETF’s top three holdings are Constellation Energy Group (NASDAQ:CEG) at a weight of 8.49 percent, Public Service Enterprise Group (NYSE:PEG) at 7.38 percent and Endesa (OTC Pink:ELEZF,SSE:ELE) at 6.95 percent.

4. Sprott Junior Uranium Miners ETF (NASDAQ:URNJ)

Total asset value: US$232.29 million

The Sprott Junior Uranium Miners ETF launched in February 2023, making it one of the newest additions to the uranium ETF universe. The ETF has an expense ratio of 0.8 percent and a yearly return of negative 15.51 percent.

It tracks the NASDAQ Sprott Junior Uranium Miners Index (INDEXNASDAQ:NSURNJ), which follows small-cap uranium companies. The fund’s 33 holdings are all uranium mining, development or exploration companies. Its top three holdings are Paladin Energy (ASX:PDN,OTCQX:PALAF) at 12.46 percent, Uranium Energy (NYSEAMERICAN:UEC) at 10.32 percent and NexGen Energy at 10.25 percent.

5. Horizons Global Uranium Index ETF (TSX:HURA)

Total asset value: US$55.08 million

The Horizons Global Uranium Index ETF was Canada’s first pure-play uranium ETF and provides exposure to uranium industry growth. It has an expense ratio of 1.06 percent and a yearly return of negative 25.2 percent.

Created in 2019, the fund’s top holdings are Cameco with a weight of 20.68 percent, Kazatomprom at a weight of 17.12 percent and the Sprott Physical Uranium Trust at 15.25 percent.

Physical uranium investment vehicles

1. Sprott Physical Uranium Trust (TSX:U.U)

Total asset value: US$4.09 billion

Of all the uranium-focused funds, this one has created the most buzz. Launched in July 2021, the Sprott Physical Uranium Trust quickly made its mark on the sector, stoking investor interest and prices for the commodity.

The fund holds 66.22 million pounds of U3O8, has an expense ratio of 0.64 percent and has a yearly return of negative 34.57 percent.

2. Yellow Cake (LSE:YCA,OTCQB:YLLXF)

Total asset value: US$983.66 million

Founded in 2018, Yellow Cake is a uranium company that provides investment exposure to the uranium spot price through its physical holdings of uranium and uranium-related commercial activities.

Yellow Cake’s current holdings total 21.68 million pounds of U3O8. Its access to material volumes of uranium at prevailing market prices comes via its long-term partnership with Kazatomprom. Through this partnership, it has the option to purchase up to US$100 million of uranium annually through 2027.

3. Zuri-Invest Uranium AMC

Total asset value: US$1.65 billion

Launched in April 2023, Zuri-Invest’s product is directly linked to physical uranium, and is the first actively managed certificate (AMC) in the sector. According to Zuri-Invest, “an AMC is a security that can be managed on a discretionary basis enabling the active management of a chosen investment strategy.”

Qualified non-US institutional and professional investors can take part in this physical uranium AMC (Swiss ISIN code CH1214916533) through their bank. The custodian of the product is Cameco, which holds the physical uranium in a secure storage facility in Canada.

4. xU3O8

Total asset value: US$5.93 million

One of the newest ways to gain exposure to physical uranium is through the token xU3O8.

Using the power of the Tezos blockchain and real-world asset tokenization, the xU3O8 token from uranium.io gives investors the ability to directly own and trade physical uranium. Launched in 2024, xU3O8’s 38,464.62 kilograms of U3O8 are stored at a secure Cameco facility, with Archax acting as trustee.

Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article.

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Legendary investor Warren Buffett is stepping down as CEO of Berkshire Hathaway (NYSE:BRK.A,NYSE:BRK.B) after six decades at the helm — but he’s still not yet ready to retire.

In a media release on Monday (May 5), Berkshire said that its board of directors unanimously has voted to appoint Greg Abel, vice chairman, non-insurance operations, as president and CEO come January 2026.

Buffett will remain the chairman of the board of directors.

Buffett has held the position of CEO at Berkshire since 1970, with Abel confirmed as his successor in 2021.

What is Buffett’s strategy?

Buffett took control of Berkshire in 1965, back when the company was a struggling textile manufacturer.

In a 2010 letter to shareholders, he recounted his experience in those early days:

‘Berkshire was then only intextiles, where it had in the previous decade lost significant money. The dumbest thing I could have done was topursue ‘opportunities’ to improve and expand the existing textile operation – so for years that’s exactly what Idid. And then, in a final burst of brilliance, I went out and bought another textile company. Aaaaaaargh!Eventually I came to my senses, heading first into insurance and then into other industries.’

Many people have tried to explain Buffett’s success in recent years. One recent Financial Times article titled “How Buffet Did It” notes that his strategy is “more than great stock picks and insurance premiums.”

An older paper called ‘Buffett’s Alpha’ suggests that his exposure to low-risk, cheap and high-quality stocks is key.

“(He) has boosted his returns by using leverage, and that he has stuck to a good strategy for a very long time period, surviving rough periods where others might have been forced into a fire sale or a career shift,” states the paper, which was written by Andrea Frazzini, David Kabiller and Lasse Heje Pedersen.

‘We estimate that Buffett applies a leverage of about 1.7-to-1, boosting both his risk and excess return in that proportion. Thus, his many accomplishments include having the conviction, wherewithal, and skill to operate with leverage and significant risk over a number of decades,’ the authors also note.

Who is Buffett’s successor?

Abel has been with Berkshire since 2000, when Berkshire bought MidAmerican, an energy company he had been running. He joined the board as vice chairman, non-insurance operations, in 2018.

MidAmerican was renamed Berkshire Hathaway Energy (BHE), with Abel serving as its chief executive officer from 2008 to 2018. He remains the company’s chair as of writing. At both MidAmerican and Berkshire, Abel was mentored by David Sokol, who seemed a likely successor to Warren Buffett until he resigned from Berkshire in 2011.

Abel was named vice chairman in 2018 along with Ajit Jain. In a 2014 letter to shareholders, Buffett’s longtime right-hand man, Charlie Munger, who passed away in 2023, wrote about the two as potential successors.

‘Ajit Jain and Greg Abel are proven performers who would probably be under-described as ‘world-class.’ ‘World-leading’ would be the description I would choose,’ said Munger.

‘In some important ways, each is a better business executive than Buffett.’

Buffett has also spoken highly of Abel, saying in 2023, ‘Greg understands capital allocation as well as I do. That’s lucky for us. He will make those decisions, I think, very much in the same framework as I would make them. We have laid out that framework now for 30 years.’

Berkshire’s path forward under Abel

Buffett’s words indicate that he sees Berkshire and Abel following the framework he has laid out.

Of course, there may be some evolution. Morningstar analyst Gregg Warren notes that the ‘groundwork for a successful transition’ at Berkshire has been in place for decades.

He also notes that Buffett and Munger were skilled at acquiring businesses that were a good cultural fit.

“We expect this to continue, believing that Berkshire’s culture of management autonomy and entrepreneurship has become institutionalized,’ Warren explains in a recent article.

‘ However, the new managers will probably work with a slightly different opportunity set, and we believe they will evolve Berkshire from what has historically been a reinvestment machine into one that is more focused on returning capital to shareholders, which is what we would expect of a company of this size with limited investment opportunities.”

Warren also comments that Berkshire currently doesn’t pay a dividend. This principle is because of Buffett’s belief that retained earnings should yield greater value than cash payouts.

Warren said this may change after Abel takes over, underlining that issuing a dividend could help Berkshire retain shareholders who may consider selling once Buffett is no longer at the helm.

Berkshire’s recent activities include diversification of its portfolio via strategic acquisitions and investments.

In January 2025, Forest River Bus & Van, a Berkshire subsidiary, announced its acquisition of L.A. West Coaches to enhance its product portfolio in the luxury transportation market.

“This partnership represents a shared commitment to excellence and innovation,” said Douglas Wright, group general nanager of Forest River Bus & Van. “L.A. West Coaches’ proven expertise and dedication to quality align with our values, and we look forward to collaborating to expand our product range.”

BHE is also currently exploring the production of lithium carbonate and other minerals from its geothermal power plants in California’s Imperial Valley, aligning with the company’s interest in renewable energy and sustainability.

BHE Renewables publicized a joint venture with Occidental Petroleum (NYSE:OXY) in June 2024, saying that this will be useful for the demonstration and deployment of TerraLithium’s direct lithium extraction.

Occidental is the owner of TerraLithium, a company that provides a technology platform for extracting lithium from geothermal and other brines to produce ultra-pure battery-grade lithium hydroxide and lithium carbonate.

Once the demonstration is successful, BHE Renewables plans to build, own and operate commercial lithium production facilities in California’s Imperial Valley. The joint venture also plans to license the technology and develop commercial lithium production facilities outside the Imperial Valley.

Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com

America’s supply chain is under attack.

From coast to coast, organized criminal groups are hitting trucks on the road, breaking into warehouses and pilfering expensive items from train cars, according to industry experts and law enforcement officials CNBC interviewed during a six-month investigation.

It’s all part of a record surge in cargo theft in which criminal networks in the U.S. and abroad exploit technology intended to improve supply chain efficiency and use it to steal truckloads of valuable products. Armed with doctored invoices, the fraudsters impersonate the staff of legitimate companies in order to divert cargo into the hands of criminals.

The widespread scheme is “low risk and a very high reward,” according to Keith Lewis, vice president of Verisk CargoNet, which tracks theft trends in the industry.

“The return on investment is almost 100%,” he said. “And if there’s no risk of getting caught, why not do it better and do it faster?”

In 2024, Verisk CargoNet recorded 3,798 incidents of cargo theft, representing a 26% increase over 2023.

Total reported losses topped nearly $455 million, according to Verisk CargoNet, but industry experts told CNBC that number is likely lower than the true toll because many cases go unreported. Numerous experts who spoke to CNBC estimate losses are close to $1 billion or more a year.

Train cargo thefts alone shot up about 40% in 2024, with more than 65,000 reported incidents, according to the Association of American Railroads.

Industry experts and law enforcement officials say a more sophisticated and insidious form of cargo theft called strategic theft is also on the rise.

The way the system is supposed to work is this: A shipper pays a broker, and the broker, after taking its fee, pays the carrier, the trucking company that moves the load.

In strategic theft, criminals use deceptive tactics to trick shippers, brokers or carriers into handing cargo or legitimate payments, sometimes both, over to them instead of the legitimate companies.

This post appeared first on NBC NEWS

The escalating conflict between India and Pakistan could be offering the world a first real glimpse into how advanced Chinese military technology performs against proven Western hardware – and Chinese defense stocks are already surging.

Shares of China’s AVIC Chengdu Aircraft rose 40% this week, as Pakistan claimed it used AVIC-produced J-10C jets to shoot down Indian fighter jets – including the advanced French-made Rafale – during an aerial battle on Wednesday.

India has not responded to Pakistan’s claims or acknowledged any aircraft losses. When asked about the involvement of Chinese-made jets, a spokesperson for China’s Foreign Ministry said on Thursday he was not familiar with the situation.

Still, as Pakistan’s primary arms supplier, China is likely watching intently to find out how its weapon systems have and potentially will perform in real combat.

A rising military superpower, China hasn’t fought a major war in more than four decades. But under leader Xi Jinping, it has raced to modernize its armed forces, pouring resources into developing sophisticated weaponry and cutting-edge technologies.

It has also extended that modernization drive to Pakistan, long hailed by Beijing as its “ironclad brother.”

Over the past five years, China has supplied 81% of Pakistan’s imported weapons, according to data from the Stockholm International Peace Research Institute (SIPRI).

Those exports include advanced fighter jets, missiles, radars and air-defense systems that experts say would play a pivotal role in any military conflict between Pakistan and India. Some Pakistan-made weapons have also been co-developed with Chinese firms or built with Chinese technology and expertise.

“This makes any engagement between India and Pakistan a de facto test environment for Chinese military exports,” said Sajjan Gohel, international security director at the Asia-Pacific Foundation, a think tank based in London.

Chinese and Pakistani militaries have also engaged in increasingly sophisticated joint air, sea and land exercises, including combat simulations and even crew-swapping drills.

“Beijing’s long-standing support for Islamabad – through hardware, training, and now increasingly AI-enabled targeting – has quietly shifted the tactical balance,” said Craig Singleton, a senior fellow at the US-based Foundation for Defense of Democracies.

“This isn’t just a bilateral clash anymore; it’s a glimpse of how Chinese defense exports are reshaping regional deterrence.”

That shift – brought into sharp focus by rising tensions between India and Pakistan following a tourist massacre in Kashmir – underscores a broader geopolitical realignment in the region, where China has emerged as a major challenge to American influence.

India and Pakistan have gone to war over Kashmir three times since their independence from Britain in 1947. During the height of the Cold War, the Soviet Union backed India, while the United States and China supported Pakistan. Now, a new era of great-power rivalry looms over the long-running conflict between the nuclear-armed South Asian rivals.

Despite its traditional policy of nonalignment, India has drawn ever closer to the US, as successive American administrations courted the rising South Asian giant as a strategic counterweight to China. India has ramped up arms purchases from America and its allies, including France and Israel, while steadily reducing its reliance on Russian weaponry.

Meanwhile, Pakistan has deepened ties with China, becoming its “all-weather strategic partner” and a key participant in Xi’s flagship global infrastructure project, the Belt and Road Initiative. According to SIPRI’s data, the US and China each supplied about one-third of Pakistan’s imported weapons in the late 2000s. But Pakistan has stopped buying American arms in recent years and increasingly filled its arsenal with Chinese weapons.

Siemon Wezeman, a senior researcher in the SIPRI Arms Transfers Program, noted that while China has been an important arms supplier to Pakistan since the mid-1960s, its current dominance largely comes from stepping into a vacuum left by the US.

More than a decade ago, the US accused Pakistan of not doing enough to fight “terrorists” – including Taliban fighters – that it said were operating from or being supplied in Pakistan. Wezeman said that added to Washington’s existing frustrations over Islamabad’s nuclear program and lack of democracy.

“(The US) finally found India as an alternative partner in the region. As a result, (it) more or less cut Pakistan off from US arms,” he added. “China’s arms supply on the other hand significantly increased – one can say that China used the opportunity to show itself as the only real friend and ally of Pakistan.”

China has expressed regret over India’s military strikes against Pakistan and has called for calm and restraint. Before the latest escalation, Chinese Foreign Minister Wang Yi expressed support for Pakistan in a phone call with his counterpart, calling China Pakistan’s “ironclad friend.”

Military showdown

With Pakistan armed largely by China and India sourcing more than half of its weapons from the US and its allies, any conflict between the two neighbors could effectively be a showdown between Chinese and Western military technologies.

After weeks of rising hostilities following the killing of 26 mostly Indian tourists at the hands of gunmen at a scenic mountain spot in Indian-administered Kashmir, India launched missile strikes early on Wednesday morning, targeting what it said was “terrorist infrastructure” in both Pakistan and Pakistan-administered Kashmir.

Many analysts believe the missiles and other munitions were fired by India’s French-made Rafale and Russian-made Su-30 fighter jets.

Pakistan, meanwhile, touted a great victory by its air force, claiming that five Indian fighter jets – three Rafales, a MiG-29 and a Su-30 fighter – were shot down by its J-10C fighters during an hour-long battle it claimed was fought by 125 aircraft at ranges over 160 kilometers (100 miles).

“(It) is now being characterized as the most intense air-to-air combat engagement between two nuclear-armed nations,” said Salman Ali Bettani, an international relations scholar at Quaid-i-Azam University in Islamabad. “The engagement represented a milestone in the operational use of advanced Chinese-origin systems.”

India has not acknowledged any aircraft losses, and Pakistan has yet to provide evidence to support its claims. But a French Defense Ministry source said at least one of India’s newest and most-advanced warplanes – a French-made Rafale fighter jet – was lost in the battle.

“If … confirmed, it indicates that the weapon systems at Pakistan’s disposal are, at the minimum, contemporary or current compared to what Western Europe (especially France) offers,” said Bilal Khan, founder of Toronto-based defense analysis firm Quwa Group Inc.

Despite the absence of official confirmation and hard proof, Chinese nationalists and military enthusiasts have taken to social media to celebrate what they see as a triumph for Chinese-made weapon systems.

Shares of China’s state-owned AVIC Chengdu Aircraft, the maker of Pakistan’s J-10C fighter jets, closed 17% higher on the Shenzhen exchange on Wednesday, even before Pakistan’s foreign minister claimed the jets had been used to shoot down India’s planes. Shares in the company rose an additional 20% on Thursday.

The J-10C is the latest version of China’s single-engine, multirole J-10 fighter, which entered service with the Chinese air force in the early 2000s. Featuring better weapon systems and avionics, the J-10C is classified as a 4.5-generation fighter – in the same tier as the Rafale but a rung below 5th-generation stealth jets, like China’s J-20 or the US F-35.

China delivered the first batch of the J-10CE – the export version – to Pakistan in 2022, state broadcaster CCTV reported at the time. It’s now the most advanced fighter jet in Pakistan’s arsenal, alongside the JF-17 Block III, a 4.5-generation lightweight fighter co-developed by Pakistan and China.

The Pakistan Air Force (PAF) also operates a larger fleet of American-built F-16s, one of which was used to shoot down a Soviet-designed Indian fighter jet during a flare-up in 2019.

But the PAF’s F-16s are still stuck in an early-2000s configuration – far behind the upgraded versions currently offered by the US – while the Chinese-made J-10CEs and JF-17 Block IIIs feature contemporary technologies such as active electronically scanned array (AESA) radars, Khan said.

“So, the F-16s are still a major piece to any PAF-led reprisal, but not the central or indispensable one,” he said.

Senior Col. (ret) Zhou Bo, senior fellow at Tsinghua University’s Center for International Security and Strategy in Beijing, said if Chinese-made J-10Cs were indeed used to shoot down the French-made Rafales, it would be “a tremendous boost of confidence in Chinese weapon systems.”

Zhou said it would “really raise people’s eyebrows” particularly given China has not fought a war for more than four decades. “It will potentially be a huge boost for Chinese arm sales in the international market,” he said.

‘A powerful advertisement’

The United States remains the world’s largest arms exporter, accounting for 43% of global weapons exports between 2020 and 2024, according to data from SIPRI. That’s more than four times the share of France, which ranks second, followed by Russia.

China ranks fourth, with nearly two-thirds of its arms exports going to a single country: Pakistan.

Khan, the defense analyst in Toronto, agreed the downing, if confirmed, would go a long way in promoting China’s defense industry saying there would likely be interest from “powers in the Middle East and North Africa” who typically can’t access “the most cutting-edge Western technology.”

“With Russia set back as a result of its invasion of Ukraine, I’m sure the Chinese have begun pushing hard at Moscow’s traditional markets – e.g., Algeria, Egypt, Iraq, and Sudan – to secure big-ticket sales.”

Experts in Pakistan and China say the J-10Cs deployed by the Pakistan Air Force are likely to have been paired with the PL-15, China’s most advanced air-to-air missile – which has a reported beyond-visual-range of 200-300 kilometers (120-190 miles). The known export version has a reduced range of 145 kilometers (90 miles).

Last week, amid spiraling tensions, the Pakistan Air Force released a three-minute video showcasing its warplanes. It featured the JF-17 Block III armed with PL-15 missiles, describing them as “PAF’s potent punch”.

“From China’s perspective, this is essentially a powerful advertisement,” Antony Wong Dong, a Macau-based military observer, said of the Pakistan claims.

“It will shock even countries like the United States — just how strong is its opponent, really? This is a question that all countries potentially looking to buy fighter jets, as well as China’s regional rivals, will need to seriously reconsider: how should they face this new reality?”

But some experts have expressed caution. India’s losses, if confirmed, could stem more from poor tactics and planning by the Indian Air Force than from the perceived advancements in Chinese weapons.

“If reports of India losing multiple jets holds up, it would raise serious questions about the IAF’s readiness, not just its platforms. The Rafales are modern, but warfighting is about integration, coordination, and survivability — not just headline acquisitions,” said Singleton, the analyst at the Foundation for Defense of Democracies.

What’s also not known is what intelligence India had on the PL-15.

If, for instance, it believed Pakistan only possessed the shorter-range export version, Indian aircraft might have lingered in vulnerable areas.

Rules of engagement may also have prevented Indian pilots from firing first, or firing back against Pakistani aircraft, according to Fabian Hoffman, a defense policy research fellow at the University of Oslo.

In such cases, Indian misjudgments may have made the Pakistani weaponry look more effective, Hoffman wrote on his blog.

Experts also note that India’s strikes successfully hit multiple targets in Pakistan – suggesting its missiles penetrated Pakistani air defenses, which are armed with Chinese surface-to-air missiles, including the long-range HQ-9B.

“If Chinese-origin radar or missile systems failed to detect or deter Indian strikes, that’s (also) bad optics for Beijing’s arms export credibility,” said Gohel, the defense expert in London.

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Russian President Vladimir Putin has taken center stage at Russia’s Victory Day parade on Friday, surrounding himself by friendly world leaders in a highly choreographed show designed to show the Western world that Russia is far from isolated.

Watching as thousands of troops marched across Moscow’s Red Square, Putin stood next to his guest of honor, the Chinese leader Xi Jinping.

The annual May 9 commemoration of the Soviet Union’s victory over Nazi Germany in World War II is one of the most important days in Putin’s calendar, and this year marks its 80th anniversary.

Traditionally, the day has been dedicated to the estimated 25 million to 27 million Soviet soldiers and civilians who died during the conflict. But since Russia launched its full-scale invasion of Ukraine in 2022, Victory Day has become more of a propaganda exercise, with Putin framing the war against Russia’s much smaller neighbor as a continuation of what Russians call the Great Patriotic War.

And while celebrations were muted in the past three years, Russia has not held back this time.

Putin and Xi were joined by scores of other world leaders, most of whom had the black and orange ribbon of Saint George pinned to their lapels. Many of them have also sent troops to march in the parade, alongside Russian servicemen.

The Russian military symbol dates back to imperial times, but it has become hugely controversial in recent years, having been coopted as a sign of support for Moscow’s aggression against Ukraine. It has been banned in a number of countries.

Brazil’s President Luiz Inácio Lula da Silva, the Egyptian President Abdel Fattah el-Sisi, Serbia’s President Aleksandar Vucic, Venezuela’s President Nicolas Maduro and Mahmoud Abbas, the President of the Palestinian Authority were all in attendance, marking a significant upgrade to last year’s guestlist which was limited to a handful of delegations from post-Soviet states, Cuba and a few other countries.

Robert Fico, the Prime Minister of Slovakia, a European Union member state, was also in Moscow on Friday. His appearance side by side with Putin was particularly significant given the EU’s tough stance against Russia over its aggression against Ukraine.

Unilateral ceasefire, breached multiple times

Last month, Putin declared a three-day unilateral ceasefire around the anniversary – an announcement that was promptly rejected by Ukraine.

“The Kremlin’s proposal for a three-day truce is not about peace, but about ensuring the safe conduct of the parade in Moscow. This is political manipulation,” Andriy Yermak, the head of the Ukrainian Presidential Office, said in a statement on Thursday.

Kyiv said that if Russia wanted a truce, it should sign up to the US proposal for a 30-day ceasefire that Ukraine has already agreed to. Russia has repeatedly refused this offer, despite multiple high-profile meetings with top US officials.

Kyiv said on Thursday that Russia had breached the ceasefire hundreds of times since it came into effect. Several civilians were killed and injured in guided bomb attacks against Ukrainian cities, Kyiv said.

Kyiv is openly indifferent to the smooth-running of Putin’s parade, saying that it “cannot be responsible for what happens on the territory of the Russian Federation” because of the war. Ukrainian President Volodymyr Zelensky said his country would not be “playing games to create a pleasant atmosphere to allow for Putin’s exit from isolation on May 9.”

In the run-up to the parade, Ukraine launched several drone attacks against the Russian capital, with authorities forced to shut down all four Moscow airports on Wednesday.

Estonia, Latvia and Lithuania also threw in some logistical complications for international parade-goers, shutting their airspaces to diplomatic planes traveling to Moscow. Several pro-Kremlin leaders were forced to reroute their journeys to Moscow to circumvent the Baltic states.

“In Latvian society, there is a clear and principled understanding that Russian propaganda and glorification of war crimes cannot be supported or encouraged … given this context, Latvia cannot grant diplomatic overflight permits for flights facilitating participation in the 9 May event,” the Latvian Foreign Ministry said in a statement on Thursday.

Slovak Prime Minister Robert Fico, one of the leaders affected by the closures, criticized the move, saying on Wednesday that it was “extremely disruptive.”

Serbian President Aleksandar Vucic was also forced to re-route after the Baltic states said he wouldn’t be allowed to enter their airspace. According to Serbian media, he ended up flying via Baku in Azerbaijan.

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For the first time in history, the majority of humans live in cities — spaces often defined by concrete, glass and a disconnect from the natural world. Access to nature is no longer guaranteed.

In 2020, Miles founded Nature Is a Human Right, a campaign advocating for daily access to green spaces to be recognized in the Universal Declaration of Human Rights. Frustrated by the slow pace of institutional change, Miles says she “lost faith in the top-down process.” So she took matters into her own hands. Her weapon? Not protest banners or petitions, but seeds and shovels.

She became a so-called guerrilla gardener — “Grassroots planting in a public place, with a purpose,” Miles explains. “Think of it like graffiti, but with wildflowers instead of spray paint.” This form of urban activism involves transforming neglected or overlooked spaces — cracks in pavements, roadside verges, abandoned lots — into mini-oases for people, pollinators and biodiversity.

What began during the Covid pandemic — when parks were shut and access to green space became scarce — grew into a weekly ritual. Miles and her neighbors would meet on Sunday mornings, armed with bulbs and trowels, planting in overlooked corners of the London Borough of Hackney.

Guerrilla gardening

In the UK, guerrilla gardening occupies a legal gray area: while planting on public land without permission is not technically lawful, authorities often turn a blind eye — so long as it doesn’t cause damage, obstruction or a public nuisance.

According to the Royal Horticultural Society, guerrilla gardeners should ensure their planting doesn’t inconvenience others and be careful to not restrict public access or create trip hazards. It’s also important that anything planted is removable, and that the roots won’t cause structural damage to sidewalks and buildings.

Guerrilla gardening dates back to the 1970s, when the Green Guerrillas, founded by Liz Christy in the US, transformed vacant lots into community gardens. The movement has since spread worldwide, from Ron Finley, the “Gangsta Gardener” in Los Angeles, to Ta Mère Nature in France, and the Ujamaa Guerrilla Gardening Collective in South Africa.

Miles has brought the underground movement into the spotlight on TikTok and other social media. Her upbeat videos demystify the process, showing everything from creating seed bombs to planting moss graffiti — a form of street art where living moss is used to create patterns or words on walls. “I wasn’t a gardener. I was learning as I went along,” she admits. “But I just wanted the streets to be greener.”

As Miles’ seeds grew, so did her online following. “Young people today are very awake to issues like climate change, inequality, and mental health,” Miles says. “Guerrilla gardening intersects with all of that. It’s something you can do with your own two hands and see the impact immediately.”

“A lot of activism can feel intangible,” she adds. “With guerrilla gardening, you see the results. It’s empowering.”

And it’s more than just symbolic: “It’s been shown that having access to green spaces is as vital to your mental and physical health as regular exercise and a healthy diet,” says Miles. “We need it around us. We need the phytoncides (compounds plants release into the air) that plants produce. The experience of having plants around us calms us.”

A study of 20,000 participants by the UK’s University of Exeter found that people who spent at least 120 minutes a week in green spaces reported significantly better physical health and psychological well-being than those who didn’t. For young children, access to green spaces has been linked to reduced hyperactivity and improved attention spans. Communities can benefit too: a US study showed that greening vacant lots can lead to lower crime rates.

Miles’ message is simple: anyone can get involved. “It’s spring now,” she continues. “Find native wildflowers, scatter them when it’s raining then you won’t even have to water them.” For those who want to go further, Miles has written a book on the subject and teaches a free four-week online course through the nonprofit Earthed, which has attracted over 300 participants. She advises gardening as a group — community is key.

Her vision is bold but refreshingly practical: “Why aren’t all our sidewalks lined with hedges?” says Miles. “Our buildings could be covered in plants. Our rooftops and bus stops could be buzzing with flowers. It’s a no-brainer.”

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Two men have been found guilty of criminal damage for felling a landmark sycamore tree in northern England.

Daniel Graham, 39, and Adam Carruthers, 32, were each found guilty of two counts of criminal damage, one relating to the tree and the other to Hadrian’s Wall that the tree fell on, according to the UK’s PA Media news agency on Friday.

The verdict was handed down following a trial at Newcastle Crown Court in northeast England. Both men will be sentenced on July 15.

The tree had stood sentinel on Britain’s Roman-built Hadrian’s Wall for more than 200 years before being “deliberately felled” in September 2023 in what authorities at the time called an “act of vandalism.”

The sycamore tree, located in the Northumberland National Park in northern England, was made famous to millions around the world when it appeared in Kevin Costner’s 1991 blockbuster movie “Robin Hood: Prince Of Thieves.”

The tree – at a spot known as “Sycamore Gap” – was located on the historic UNESCO World Heritage listed Hadrian’s Wall, which was constructed around 1,900 years ago to guard the furthest northwestern frontier of the Roman Empire.

During the trial, prosecutor Richard Wright KC said the felling was an act of “mindless vandalism.” He detailed how the two men drove 30 miles (48 kilometers) at night to reach the tree before one cut it down while the other filmed it.

The jury determined Graham and Carruthers caused £622,191 (about $826,000) of criminal damage to the tree and £1,144 ($1,500) of damage to Hadrian’s Wall, according to PA Media.

Jurors heard how the two men sometimes worked together and had experience of cutting down large trees. Although originally the “best of pals,” the two defendants now appear to have fallen out and their friendship has “unravelled,” the court was told.

During testimony, Graham told the court that Carruthers had told him that the tree “was the most famous tree in the world” and had spoken about cutting it down, reports PA Media.

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